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Biological systems use free energy based on empirical data that all organisms require a constant energy input. The first law of thermodynamics states that energy can be neither created nor destroyed. For living organisms, which of the following statements is an important consequence of this first law?
Direct Labor Time Variance
The difference between the estimated time to produce a good or service and the actual time taken, multiplied by the hourly labor rate.
Direct Labor
This references the cost of labor that can be directly attributed to the manufacture or production of specific goods or services.
Cost Variance
The difference between the expected (budgeted) cost of an activity and the actual cost incurred, used in budgeting and financial reporting to monitor performance.
Standard Cost
A predetermined cost of manufacturing, projecting what each product should cost under normal conditions.
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